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EuroSports posts deeper loss of S$7.97m for FY17

Eurosports Global, which is the agent for Lamborghini, sank deeper into the red for the full year ended March 31, chalking up a net loss of S$7.97 million compared to a net loss of S$4.5 million a year ago.

PHOTO: EUROSPORTS GLOBAL

EUROSPORTS Global, which is the agent for Lamborghini, sank deeper into the red for the full year ended March 31, chalking up a net loss of S$7.97 million compared to a net loss of S$4.5 million a year ago.

Revenue for the year slipped 17.5 per cent to S$52.4 million as sales of automobiles decreased amid weak market conditions and the sales of deLaCour watches fell.

Gross profit margin also fell to 10.8 per cent from 12.8 per cent in the preceding year mainly due to the decrease in margins from sales of new and pre-owned automobiles.

"The group expects the next 12 months to remain challenging due to intense competition among automobile distributors in the mature but small Singapore market," EuroSports Global said.

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"In addition, automobile ownership is highly regulated in Singapore and market demand will be affected should the Singapore government impose policies that could adversely affect the affordability of automobile ownership, for example, increase vehicle registration fees and financing restrictions."